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Engadget is reporting that discount chain T.J. Maxx is currently selling 16GB Wi-Fi iPads for $399 at select stores across the country. Yes, you hear right, $399, a full $100 off the retail price of an iPad at your local Apple Store. It’s not exactly clear how T.J. Maxx and its sister chain Marshalls, is able to discount the iPad so deeply, but for now the price is right.

Some discount chains like Sam’s Club have been selling iPads at a more modest discount of $12 off the regular price. A quick search of Amazon show’s the iPad selling for $487.99, or a mere $11.01 off the retail price. Currently, the only other way to purchase an iPad for such a low price is to find one on eBay, if you’re lucky.

Blogger Lovelyish (who’s real name is Jessica) recently attended an event held for bloggers at the TJ Maxx/Marshalls headquarters in Boston. The event was mostly a standard media affair, however, at the end of the event Lovelyish writes, “PSST, TOP SECRET ANNOUNCEMENT: TJ Maxx will be selling iPads in select stores across the country, starting this week. Since TJ Maxx promises to offer products at 20%-60% below retail, the president assured us the iPads will be discounted. Start scouting, Lovelies...” TJ Maxx later confirmed the rumors of the iPad price drop when they posted the following message on Twitter:

If you’re like me, you’ve been waiting for the second-generation iPad to be released. Now that the price is lower than ever, I may have to take the plunge and buy one sooner than I thought. I hope more retailers follow suit and are able to sell iPads at this new lower price as well, just in time for Christmas.

Update: After calling the local T.J. Max store in San Francisco, I was informed that iPad’s selling for $399 were only available in Ohio and New York. So unless you’re already going to be in the area, it’s probably not worth it to buy a plane ticket just to get a good deal on an iPad.